London-based multinational insurance company Aviva has announced its commitment to invest £50 million into VC funds that have a specific focus on sustainability.
With the meteroic rise of sustainability-focused startups, often comes the need for venture capital to help realise the true potential of these ideas. Listening to both the market and their consumers, Avia has committed to becoming a Net Zero carbon emissions company by 2040, with this series of investments in investors further supporting this pledge. The company is looking at VC firms active within its primary markets of the UK, Ireland, and Canada.
Not wasting any time, Aviva has announced its first investment in London’s UK-Government-backed Clean Growth Fund. The fund targets early-stage UK startups including Piclo, Indra, tepeo, Carbon Re, and Holifern, that are working to help accelerate a transition to Net Zero through clean growth technologies. No figures were provided on the amount of capital invested by Aviva into Clean Growth Fund.
Clean Growth Fund’s Beverly Gower-Jones commented, “Coming so soon after COP26 in Glasgow, Aviva’s investment in the Clean Growth Fund is a strong and welcome strategic move. Aviva understands the importance of innovation in turning the dial towards a cleaner, greener economy. There were many pledges made at COP26 by both governments and the private sector. Now is the time to turn these pledges into action. Directing capital into cleantech investments is an absolute necessity if the world is going to have the commercialised and implementable solutions it needs to address climate change and align with Net Zero.”